Parliamentary Commission on Banking Standards appointed
17 July 2012
The Parliamentary Commission on Banking Standards is a joint Committee appointed by both Houses.
The Parliamentary Commission on Banking Standards is a joint Committee appointed by the House of Commons and the House of Lords to consider and report on:
- professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting process
- lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy;
The Commission has been asked to make recommendations for legislative and other action. It has been asked to report on legislative action no later than 18 December 2012 - before the Banking Reform Bill is published - and on other matters as soon as possible thereafter.
Membership
The membership of the Commission is as follows:
- Andrew Tyrie MP, Chairman
- Mark Garnier MP
- Andy Love MP
- Pat McFadden MP
- John Thurso MP
- Lord Turnbull
- Baroness Kramer
- Lord Lawson
- Lord McFall
- The Bishop of Durham
The Commission has powers to examine witnesses on oath, to invite specialist advisers (including Counsel appointed as specialist advisers) to examine witnesses and to appoint sub-committees to consider matters specified by the Commission.